Bitcoin at risk of depreciation

Bitcoin at risk of depreciation.

Digital asset investment products had to face modest outflows of $ 9 million last week. It is worth pointing out that this happened with the total transaction volume amounting to $ 1 billion, which is 55% below the annual average. As CoinShares notes in its latest flow report, the cryptocurrency market is still in a summer lull. Investors are very careful about opening new positions.

Cryptocurrencies with the third week of modest outflows in a row

Breaking down the whole issue into prime factors, it can be noticed that in geographical terms, the outflows were concentrated in the USA, Germany and Sweden and amounted to 10 million, 2.4 million and 2.1 million dollars, respectively. At the same time, slight revenues were visible in Brazil and Switzerland, amounting to $ 2.5 million and $ 1.9 million, respectively.

Bitcoin, which is the focus of mild negative investor sentiment, saw its third consecutive week of outflow totaling $ 15 million. Bitcoin short funds have received very small inflows of $ 0.2 million over the same period.

Ethereum recorded weekly inflows of $ 3 million and was a swing actor in overall sentiment. In mid-June, Ethereum's investment products recorded outflows since the start of the year of $ 459 million. Since then, with increasing clarity on the network merger and update, Ethereum has seen an impressive 9-week streak of increasing capitalization totaling $ 162 million.

The remaining altcoins gained modest inflows, most notably Cardano with $ 0.5 million in traffic, while Solana faced outflows for a second consecutive week of $ 1.4 million.